NZ dollar gains from 2-month low as weak US business data weighs on greenback

Thu, 26 May 2016

By Tina Morrison May 27 (BusinessDesk) - The New Zealand dollar gained from a two-month low after weak US data on business spending dented demand for the greenback. The kiwi touched a low of 66.90 US cents overnight and was trading at 67.47 cents at 8am in Wellington, from 67.16 cents at 5pm yesterday. The trade-weighted index advanced to 72.66 from 72.31 yesterday. The kiwi was shunted lower yesterday after Fonterra Cooperative Group raised its opening farmgate milk price for next season by less than expected, stoking concerns about a...

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